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DraftKings has announced the planned launch of a “Super App” that will combine its sports betting, prediction markets, casino, and lottery products all into a single app. Access will be tailored depending on the jurisdiction.
total addressable market for its predictions offering could reach between $55bn and $80bn by 2030
The Boston-based company announced the news on Monday morning ahead of its investor day. Management believes that the total addressable market for its predictions offering could reach between $55bn and $80bn by 2030. It believes the new Super App will help it become more efficient in building long-term value with its customers. The company also noted that the “continued deployment” of AI will help further bolster efficiency.
DraftKings expects its adjusted EBITDA margin to be at least 30% in the long term, especially as it scales out. The margin for its predictions product is expected to be 10% to 30% larger than for its sportsbook, according to Monday’s investor presentation.
The announcement of the Super App comes just a few days after the Boston Globe revealed that DraftKings is laying off an unspecified number of people. It is reorganizing teams to focus its attention on areas of higher priority. A Citizens Equity Financial analyst estimated that lowering its workforce by 5% could generate $30m in annual savings.
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